Investing in an Industry You Can't Understand

Mr. Munger: If you were 23 years old with entrepreneurial tendencies, what non-tech industry would you start a business in and why? Nicholas Erdenberger: I hail from the beautiful Garden State of New Jersey. Mr. Buffett: You're not going to learn how to start another Facebook or Google that way. And yet these days the concept of entrepreneurship is nearly synonymous with tech amongst people my age.